Week of business in New Orleans followed by week of rest and relaxation in San Diego! Feels like a movie since @sohaibab9 and I met 18 months ago, and I'm excited to continue growing + learning + building businesses together. Life is a journey, enjoy the ride! 🛢💰 #TundraBoys
June 13, 2023, 8:41 p.m.
OPEC+ showing an intense commitment to voluntary cuts with seaborne crude exports ⬇️ 3.4MMbpd last week vs. April average! Saudi Arabia in particular is tightening the screws with their exports ⬇️ 1.7MMbpd vs. just 5 weeks ago. Trend is your friend, Invest accordingly! 🛢️💰
May 25, 2023, 6:36 p.m.
@Josh_Young_1 @RazorOil @MasBest2point0 @ericnuttall Same deal where management made 10-25x on the go-public after adding very little value yet ramping up G&A and SBC? 😬
May 24, 2023, 10:20 p.m.
As the structural O&G bull market progresses, companies will differentiate themselves vs. peers and G&A is a major discretionary factor to track! $MEG + $ARX have lowered their costs, $SGY is flat, whereas $BIR has taken advantage to pay themselves and spend excessively. 🤔🛢💰
May 24, 2023, 3:09 p.m.
Multinational Major E&P's are the ones most likely to find and develop meaningful volumes of O&G reserves, yet are extending their capital discipline mindset! Investments still at half vs. 2013-14 highs and reinvestment ratios are holding well below 50%. Invest accordingly! 🛢💰
May 22, 2023, 10:08 p.m.
Chinese international flights continue their upward trajectory after removal of PCR-test requirement in late April and Labor day holidays in early May. The beast has awakened from its slumber and is adding incremental jet fuel + domestic petroleum demand every single month! 🛢💰
May 21, 2023, 11:24 p.m.
🇺🇸 air travel passengers hit 2.6MM yesterday for the first time since Nov 2019 and running 8-10% above last year! New international flights added every week + all Covid restrictions now removed as of last week = major upside remains for jet fuel + domestic petroleum demand. 🛢💰
May 20, 2023, 2:25 a.m.
Although longer laterals improve per-well economics, they result in higher decline rates and lower recoveries per section. Permian is now at its inflection point with production flat to down over the last 7 months on its way to an YoY decline come fall 2023. Invest accordingly!
May 18, 2023, 11 p.m.
Lea + Eddy county, responsible for 50% of Permian's production increase over the last 2 years, look to be suffering from an almost comedic well productivity degradation! Longer and longer laterals + overcapitalization meet the laws of physics and reservoir fluid dynamics. 🛢💰
May 18, 2023, 11 p.m.
Oil's 2020-2022 Covid recovery trade was exceptional and has allowed me to live a life I could only dream about 3 years ago. I've now reaffirmed my thesis by putting my money where my mouth is once again and look forward to continuing riding this structural O&G bull market! 🛢💰
May 17, 2023, 4:34 p.m.
White Tundra has now utilized our technical expertise, industry connections, field experience, and strategic partnerships to take 8-15% stakes in 5 junior growth E&P's! We continue to target our specific niche and mandate to generate outsized returns as the cycle progresses.
May 17, 2023, 4:34 p.m.
Extremely high hedging losses in 2022 forced by the lender = $PPR unable to continue without a recapitalization. Although this was a negative for legacy shareholders, White Tundra successfully pushed for amendments which resulted in a massively improved value proposition!
May 17, 2023, 4:34 p.m.
$PPR was a legacy position in White Tundra's portfolio and was identified in 2020 as one with the highest torque on equity due to its incredible financial leverage. Despite higher-risk, its producing + undeveloped assets + tax pools more than justified the risk/reward involved.
May 17, 2023, 4:34 p.m.
Extremely happy to share White Tundra was a significant participant in $PPR's recent $4MM equity financing! In our 'cycle investing' mandate, Prairie Provident further increases portfolio exposure to E&P's best setup to take maximum advantage of a structural O&G bull cycle. 🛢💰
May 17, 2023, 4:34 p.m.
International and total jet travel, a major factor for 2023 petroleum demand growth, is also rising strongly as expected and is now ⬆️ 6% vs. 2019 levels. Each new long-haul intercontinental flight further increases product demand and further spurs both local and global economy!
May 9, 2023, 7:21 p.m.
At the same time, Chinese crude imports hit their highest level in 3 years last week! This + continued strong refining runs + very limited product exports + rising domestic gasoline consumption = Chinese economy is consistently ticking along towards economic recovery and growth.
May 9, 2023, 7:21 p.m.
OPEC keeping up their commitment to tightening the physical oil market as OPEC+ minus Russian exports start off May with a fresh lowest weekly export volume since September! Trend is your friend with further volume reductions still on the way as full cuts are implemented. 🛢💰
May 9, 2023, 7:21 p.m.
